Lou Whiteman

The truth, though, is boring.

Spotify is actually a pretty frequent acquirer of small, bolt-on companies.

They just bought an audiobook company.

They seem to be, just like they did with podcasts, trying to incrementally grow audiobooks.

I'll bet that the next thing will be some boring, probably private audiobook

Yeah, T-Zero, the dream, right?

Instant settlement.

Look, let's separate out the backend and the frontend.

NASDAQ actually has an application to the SEC to do this, and they hope to start doing this this year.

They submitted that bid last year.

On the backend, this could work to bring down costs and make things cheaper.

Worth noting, it's been tried before.

There are real regulatory issues here.

In part, there are questions about whether these become commodities and does that change insider trading law and all sorts of that.

There's a lot to be worked through.

It could, though, lead to 24-7 trading.

If it does, be careful what you wish for.

That's not going to be a good environment for anyone.

Price discovery will get a lot worse.

What do you mean by that, Lou?